Hutchison Whampoa’s 3 UK has denied reports that it will exit the UK market if it is not allocated 4G LTE spectrum when the auction takes place later this year.

The Sunday Times reported that Hutchison MD Canning Fok told UK Prime Minister David Cameron last month that the company was prepared to stop investing or even exit the mobile market if it didn’t receive assurances regarding 4G spectrum allocation.

However, a company statement said the report is “totally untrue and groundless,” adding that as the largest Asian investor in the UK, it is happy with its existing investments and is “actively looking at various different investment opportunities in the UK.”

The UK 4G auction has been repeatedly delayed as UK operators expressed concern that the original plans were unfair in terms of the way spectrum would be allocated. Several operators even reportedly threatened legal action against UK telecoms regulator Ofcom.

In order to satisfy operators, Ofcom published new proposals regarding the 4G auction in January, followed by a consultation period ending in March. The tweaked proposals included rules ensuring that as the UK’s smallest operator, 3 UK can acquire sufficient spectrum.