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Solved it myself. You have to import the new licence into the SBAdmin directory and rename to the required slc filename once you have delected the old one
This is a very common question. Basically, whenever you get a new license from McAfee Licensing be sure to make a copy of that file and rename it to sfdbback.slc and drop it into the SBAdmin directory (overwriting any previous files). This has been a common question for a long time and I'm 100% positive McAfee has a KB article on it ... I just don't know where to find it.