Hi Burton,
If I refer to Oliver Lock's book 'British Airborne Insignia', it doesn't look like 12th Bn. The structure is different as well as the color. I would say this one is more Royal blue and could be a candidate for 8th Bn.
I was wondering if members of Para units were not wearing at some point lanyards from their previous units (see
http://www.britishbadgeforum.com/for...hlight=lanyard)
Pierre