Hi Peter..
Juno is South African boat built and I haven't seen any signs of blistering .. Having seen a number of Honnor Marine boats in production in the past, they all had mirror-like finishes below the waterline - like most boats, and especially trailer-sailers ….. and, of course, antifouling was an option and not standard .. I cannot imagine how a stippled finish would be produced .. I believe the original moulds were shipped over from SA, so apart from lay-up materials, the boats should all be identical ..
Are you certain that the boat hasn't been painted - professional jobs can be incredibly convincing? - that certainly can lead to the trouble you describe..
As I'm sure you will have discovered, there are loads of articles on-line and in the mags about osmosis .. small blisters near the waterline can be a sign of early trouble, but it may not be a sign of anything catastrophic .. If you have antifouling, and have some blisters just below the waterline, then you could try popping one discretely and seeing what's going on?
Having said all that... I've been involved in boats for almost all of my life and I've never seen one sink or come to grief as a result of osmosis! .. It doesn't sound to me like you need to do anything apart from going sailing
Nick