IT can't be much fun returning from a lengthy furlough absolutely rarin' to go to find nowhere suitable to channel that invigorating energy. That might well be how seasoned broadcaster Larry Ottaway, whose inquisitorial style on Radio Three's Hong Kong Today stirs the yawning territory most mornings, feels now that he's back to the warm (but heating) bosom of the RTHK family after a three-month sojourn in the UK. For on his return Ottaway, head of Radio Three when he packed his shades and suntan lotion and left on vacation, found himself surplus to requirements - at least on the management front. Our man at Broadcast Drive tells us that Ottaway has been moved sideways (although the word he used was a lot more forceful) to a posting called ''senior supervisor''. Ottaway himself was philosophical when Keeping Posted asked him whether he had a new managerial position. He said: ''I don't know about that. But I hope to be seeing Cheung Man-yee, the Director of Broadcasting, quite soon to find out what I am supposed to be doing.'' Word has been floating about that upwardly mobile Marc Tyley, head of the British Forces Broadcasting Services, has been enjoying the largesse of RTHK with a view to getting him to climb aboard and occupy Ottaway's perch. But then again, this could just be idle gossip. Director Cheung was not in her office yesterday when we called. But an RTHK spokesman said: ''While Larry has been away for several weeks the head of English Radio Services, Jagjit Dillon, took over his duties and the situation has been all right. ''So over the next two months we are undertaking a review of all services.'' That leaves Ottaway, a keen student of Taoism and Buddhism, time to reflect on the future.