I would agree - If this is to be considered as a demerger then...

I would agree - If this is to be considered as a demerger then either both PMH and PEN would have to be suspended - not much value in keeping one suspended and the other not for this purpose. The CGT split can also be announced based on trading prices on Ex-date close also.

IMO the CGT split will be based on an independent assessment of values of PEN with new tenements and of PMH without U tenements and not dependant on the day-to-day SP.

This long a halt is more likely due to potentially leaky results or negotiations IMO - though I haven't heard any leaks yet with my ear to the ground.