Licence file missing for debug operation - MDK Lite Ver 5.38.0.0

This error occurred when I started debugging a simple program using MDK Lite Ver 5.38.0.0. From the error message two issues are apparent: The licence file is missing and the location of the licence file is expected to be under the C:\Program Files folder. My installation of MDK Lite is under a folder called C:\Keil_v5 which I think was the default folder suggested by the installation program.

START DEBUG ERROR MESSAGE >>

ur software provider for a license file.
Feature:       FVP_ARM_Cortex-M4
Filename:      c:\program files\arm\licenses\license.dat
License path:  c:\program files\arm\licenses\license.dat;
FlexNet Licensing error:-1,359.  System Error: 2 "No such file or directory"License checkout for feature FM_Simulator with version 11.19 has been denied by Flex back-end. Error code: -1
Cannot find license file.
 The license files (or license server system network addresses) attempted are
listed below.  Use LM_LICENSE_FILE to use a different license file,
 or contact your software provider for a license file.
Feature:       FM_Simulator
Filename:      c:\program files\arm\licenses\license.dat
License path:  c:\program files\arm\licenses\license.dat;
FlexNet Licensing error:-1,359.  System Error: 2 "No such file or directory"License checkout for feature SG_Simulator with version 11.19 has been denied by Flex back-end. Error code: -1
Cannot find license file.
 The license files (or license server system network addresses) attempted are
listed below.  Use LM_LICENSE_FILE to use a different license file,
 or contact your software provider for a license file.
Feature:       SG_Simulator
Filename:      c:\program files\arm\licenses\license.dat
License path:  c:\program files\arm\licenses\license.dat;
FlexNet Licensing error:-1,359.  System Error: 2 "No such file or directory"License checkout for feature FM_Simulator was denied because all elements (Keil_Licenses,Flex_FVP_ARM_Public,Flex_FVP_ARM_Cortex-M4,Original_Licenses,Original_Licenses_Uncounted) in MapFeatureOr statements were denied
In file: F:\work\fastsim\Framework\scx\SCXSimulationEngine.cpp:3276

Error: license error: Simulation Engine module unavailable!
In file: F:\work\fastsim\Framework\scx\SCXSimulationEngine.cpp:2875
ERROR: uncaught exception occurred. Exception message follows:
Error: Wrong version of armctmodel. Version 11.19.23 (API Version 1.2) of the Portfolio was used to build the model. Please use identical major.minor versions of the Portfolio and the Tools.

<< END DEBUG ERROR MESSAGE