HeartWare to go OS

Medical device company HeartWare [ASX: HTW] is planning a significant corporate restructuring with the aim of transferring corporate control to the United States.

The plan is for HeartWare, which is developing left ventricular assist devices (LVAD), to effectively swap places with its subsidiary Heartware International. Under the new company structure Heartware International will become the parent company.

All HeartWare shareholders will be given CHESS Depository Interests (CDIs) in Heartware international to the value of their existing shares.

HeartWare will still list on the ASX, but the shares traded under its stock symbol will be HeartWare International shares.

HeartWare representatives say the employees and business goals of the two companies will not change significantly under the new company structure.