Renovated. Reynolds. Really?

My old Peugeot frame has a sticker on it "Reynolds 531 Renovated". I believe this means it's had a pro respray, but of course there's no way to find out (try as I might, can't identify the model, though fairly certain it is a Pug despite the decals probably being non-original).

Thing is... if you were trying to pass off a non-531 frame as 531, would you really advertise the fact it's been a respray with the "renovated" sticker? It is nice and light, but I have nothing to compare it with and don't know how light other steels might be.

I would prefer to blindly carry on assuming it *is* 531 as advertised of course. The new colour doesn't appear in catalogues so again it doesn't seem like the previous owner is pulling a fast one.