I’ve asked Keith Hook about this badge, it’s one he’s never seen before and confirms it’s neither Yeomanry or Hampshire related. He also doesn’t think OTC/Cadets, I didn’t realise this until he told me just now but he had a good collection of these which he sold to Hugh King.
I would say if it had any connection to any Yeomanry you could bet your mortgage Keith would’ve known.
So it remains a mystery it seems.
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