Garcea
CTXS CASE STAY LIFTED EVENTS A court order was issued in the US District Court, Northern District of Ohio, Eastern Division (NDOED),to lift the stay in the Citrix (CTXS-US, Not Rated) case and proceed to trial. The court scheduled a status conference with the parties for February 28, 2014, to discuss the parties’ joint proposed schedule, which called for discovery to be completed followed by a pre-trial conference to be held on October 17, 2014. IMPLICATIONS Positive. There may be opportunities to settle up until the trial date. With $3.0M in cash, ONE has enough runway to proceed to a CTXS trial. We look for further updates on both cases at the annual general meeting (AGM) on April 17, 2014. CATALYSTS The upcoming catalysts for ONE include a decision from the United States Court of Appeals for the Federal Circuit (CAFC) on the LOGM appeal (April/May timeframe); and potential litigations initiated through the Wi-LAN (WIN-T; Strong Buy; $7.00) partnership. VALUATION ONE is currently trading at a F2015E EV/Sales of 1.6x versus industry comparables at 3.3x on C2014E.