Final update on the PN42 in combination with an LG C3 TV:
OSMC Remote does wake the box up as expected. But unfortunately, the LG TV ignores the HDMI CEC Wake-up signal from the PN42 for some reason and does not wake up when the Kodi box wakes up.
So I've settled to the following method with the PN42:
* TV controls power to the Kodi box - it sends Shutdown and Wake-up signals to the PN42.
* Configured the PN42 (BIOS) to translate the Shutdown command to "Sleep" button.
* Configured Kodi to immediately go into suspend state on the Sleep Key press skipping the regular power menu popup.
* Configured Kodi to turn off display output as screensaver.
* Configured TV to auto power down if there is no active display for 5 minutes (It sends the Shutdown signal out HDMI)
We use the Magic Remote to turn off/on the TV and the Kodi box neatly follows suit.