You also get co-acting semaphore signals, with both signals mounted on one post. There was one at Hinckley when we used to sign that way, not sure if it's still there?
As regards the original signal in this thread, on the Down Slow at EM Parkway, as was stated earlier, a banner repeater would have sufficed, but cannot show the actual aspect of the signal. When the resignalling took place, it was obviously decided for whatever reason to use a co-actor instead of a repeater. Probably because of the signals close proximity to Ratcliffe junction, a co-acting signal would be more visible and attention grabbing to an approaching Driver, than a banner repeater, lost amongst the clutter of the station buildings would.
Grabbing the attention of Drivers is popular now, and is the reason that full sized signals are becoming more apparent at crossovers regularly used for turnback moves, when previously a ground position light signal would have sufficed. There's always a trade off however, and it's pretty nasty coming round the corner at night and seeing that red in front of you, even when you know full well it doesn't apply to you.