Here is a nice Argentine made 12 mm shotshell showing the Italian SIPE brand for smokeless powder.
This same logo is also used on shells made with the Lepco brand written.
Lepco stand for Le Personne & Co. from London
This name has been discussed here before.
Just wandering if this is a coincidance, this logo is very similar:
This shotshell was introduced by Spreafico in the late 1950’s (my earliest reference is 1959). Below you can see an ad from 1962.
Un saludo grande,