Peter,
Got to tread carefully here.....
The RAM is/was a pretty good quality and well engineered Cobra Kit, but I don't think anyone would argue that it was a "replica" as there are very few similarities between a RAM and an original Cobra apart from the basic shape and concept.
I also suspect that the "Built under Licence from Shelby" had less to do with the authenticity of the RAM and more to do with getting funds into the Shelby Heart Fund (albeit a worthy cause).
I'm not sure what the Badhall Trophy was, but I suspect it was a single make race series for RAM Cobra Kits.
If you like the car, it's in sound condition and you're happy with the price, buy it and you'll thoroughly enjoy it. On the other hand, if you want a more authentic representation of an original Cobra, there are more accurate products around. I'm a little out of touch with the British kits recently, but I'm sure others here will advise in that area. I believe that the Crendon or Hawk kits are about the most accurate. Alternatively, there are a number of American kits that are very good.
I hope I haven't offended anyone with a RAM.
Cheers
Paul