ABSTRACT
In the early 1980s the UK Government decided to introduce a nationwide mobile phone service. Being ideologically committed to competition and private sector, it decided that two licences should be awarded. The head of Racal's radio division, Gerry Whent, established Racal's telecoms division in Newbury with fewer than 50 employees, and first call on the Vodafone network was made on 1 January 1985. As 1998 turned to 1999 Lord MacLaurin and Chris Gent were watching England play Australia when Scott Mead, their investment banker from Goldman Sachs, rang on their mobile phone. Sam Ginn, Chairman of AirTouch, briefly became Chairman of Vodafone, with Lord MacLaurin stepping aside to Deputy Chairman, resuming chairmanship 11 months later in 2000. The companies were widely perceived as having overpaid, although Vodafone has steadfastly refused to write down the cost of their UK 3G licence, with the result that it had stated net assets substantially in excess of its market capitalization for much of 2001–2004.
