It's not the server codepage that determines how the characters are displayed, it's the local codepage.
Assuming your system codepage is 850, the plugin has to translate the UTF-8 string into codepage 850 in order to display it. However, the typographic apostrophe (a.k.a. right single quote), which is evidently what is being used here, doesn't exist under codepage 850. Hence it's getting replaced by a substitution marker.
If you were to change your PM codepage to, say, 1004, I suspect the string would appear correctly.