Well ok the reason I been going on about this is because of Nick Holmes said in an interview on MFN. Well, I can understand he might be wrong but this is only because he said it.
interviewer: So this is your second album with EMI, how did the deal come about? Were you looking for a deal with a major label?
Nick: Well Music for Nations were been taken over by Zomba anyway, which is a major label. I mean even independents are 9 times out of 10 a subdivision of a major anyway, because majors buy them all. No matter how independent someone is when they start a label their eyes light up when they see cash, you know what I mean, no ones any different to anybody else. There are not many people that will stick to their morals when it comes to cash, especially music business people. I mean, instead of rubbing shoulders with the Backstreet Boys we're just rubbing shoulders with Britney Spears in some areas now - or rather not as the case may be.
So I wouldn't know if PL signed to EMI to stay underground you have to ask them