Enterprise Inns appears to have delayed any decision to convert to tax efficient Real Estate Investment Trust (Reit) status.
Shares in Britain's second biggest pubco fell by 11.6% yesterday as it also tumbled out of the FTSE-100.
"The group has not given the required 21 days' notice needed for the EGM that would be necessary to convert on 30 September," said Blue Oar Leisure analyst Mark Brumby.
Earlier this year, Enterprise said it had been given the go-ahead to convert to Reit status by HM Revenue & Customs.
The conversion would involve the setting up of a new operating company, which would take an intermediate lease over the freehold pub estate from Unique Pub Properties.
To convert to the lower taxes of Reit status, 75% of revenue must come from rent with most of the profit being distributed to investors.
Yesterday, another City analyst, Jamie Rollo of Morgan Stanley, said he believed that 20-30% of Enterprise and Punch pubs were "uneconomical" because the licensees were making less than £20,000 a year.