If only there were.... that announcement was made over 3 months...

If only there were.... that announcement was made over 3 months ago... not a single share bought back.
What vexes me, is that Cash at Bank = 0% interest.
TOT shares (10% dividend - in FY20 anyway).

Therefore to be hoarding cash instead of share buybacks I don't understand.
Ok, sorry - I am a broken record here, have aired my views on this previously.

I suspect that the TOT management are planning something big (trying to take over a listed or unlisted platform, similar to in the past with IDR and APC. Or else I don't see why they would be in a hurry to liquidate everything, as curretnyl it will be difficult to make any distribution in FY21... (with 80 mill of cash on 0% yield).

Managing this capital position I consider a drawback on TOT as a small player. As they are constantly having to time the market with respect to their loan book etc.... will always have a significant cash pot, which hurts effective yield. (Relatively to other CRE players).