The trading halt was called to announce a capital raise which is...

The trading halt was called to announce a capital raise which is still "pending".
The status the the CR can't change until the directors issue is resolved.
The EGM is required to resolve the directors issue.

Of course McLarty and his supporters can withdraw their resolution either unilaterally or as part of a negotiated settlement on the terms of the CR.

But if the SMN Board changes the terms of the capital raising then that decision is an acknowledgement that the original CR proposal was wrong for the company. That, in turn, raises all sorts of issues about capability, decision-making, confidence and fitness to occupy the roles. I'm not sure the SMN Board wants these perceptions "out there"!