Float doesn't matter as much as earnings per share. If for example SEEK has 2.5B O/S and earnings of $0.0010 then that sets the price range using some PE multiple.
Obviously reducing O/S helps since it improves earnings, assets etc. on a per share basis. That's why the 250M buyback announcement was so important. Current and prospective shareholders will need to see some implementation during the window.
$SEEK's turnaround can happen at any time (could be a PR or a filing or some other event (removal of limited information symbol). Some trigger will spark the re-evaluation, but at least with $SEEK you'll know its on a sustainable basis since the company really is undervalued.
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