UKCOM is a large US owned company that was formed in 20X0 andoperates only within the UK. The company has grown rapidly viaacquisition and concentrates its activities in the rapidly growing andhighly competitive mobile phone market. The acquired companies havesubstantial infrastructure assets with only 10% of the available networkcapacity being utilised in the provision of services to customers. 35%of the assets are categorised as intangible and are composed of goodwilland license acquisition expenditures. The Board has announced that itwill not acquire any further companies and will maintain the same levelof debt for the next decade. The Board of Directors based in the US takeall the strategic decisions concerned with financing and acquisitionpolicy but leave the operating activities to the UK based ChiefOperating Executive.

Financial highlights ($millions)