The securities of Babcock & Brown Ltd have been placed in a trading halt at the request of the company, pending an announcement, the Australian stock exchange said.
"Unless ASX decides otherwise, the securities will remain in pre-open until the earlier of the commencement of normal trading on Friday August 22 or when the announcement is released to the market," the announcement said.
Babcock and Brown closed down $1.06, or 23.5 per cent, to $3.45 on Tuesday.
Media reports said the struggling investment fund and asset manager was considering a plan to overhaul its board of directors, which may include long-serving chief executive Phil Green and founder and executive chairman Jim Babcock stepping down.
Analysts expect Babcock's net profit to fall by as much as 40 per cent when it reports its interim results on Thursday.