Ann: ITL 2017 AGM Chairman's Presentation, page-3

maybe cash down due to buyback / capital management as I was also expecting higher cash levels.

The Boat Fund obviously are out.....having looked at the major shareholders they have not changed and big volume gone through.
Perhaps the buyback was purely for liquidity to get The Boat Fund out via liquidity without having the share price smashed too badly.
They alluded to this in the their presentation.