May have had the 16v badge nicked at some point, they only clip in!
Looks good though, £500 sounds a bargain for an MOT'd and (by the sounds of it) rot free 16v!
Have you checked everywhere on it yet? Mine was cheap, but needed a couple of patches under the sill covers, a new passenger front wing and needs a repair to under the drivers wing (Wing looks good, but you can see its rusting underneath...) My stut legs (?) are also showing rust within the engine bay...