Hi Jamie,
With recent versions of SLPS, we have rewritten the logic that put LicAdmin alongside the protected code. That's because LicAdmin is only a debug tool for ISVs and we don't recommend ISV to distribute LicAdmin to end users who may delete licenses by mistake. So this change can prevent uncouncious distribution of LicAdmin to end users.
You can still find LicAdmin in the Code Protector install directory (usually C:\Program Files (x86)\InishTech SLP Code Protector). You can run it from that directory but you will see all licenses appear as "Foreign Vendor". That's because it's not put alongside your vendor's own permutation DLL - Microsoft.Licensing.Permutation_abc12_2.0.dll. This won't affect the function of LicAdmin but if you want to see the licenses as Valid, please copy LicAdmin to the protection output directory - in your case, Release.Protected folder.
We hope you find the information helpful. Any further problems, please let us know.
--Peng