Be aware that the PMAIL.INI file resides in the new mail directory which does not move.
From the help file topic Preferences and settings > Mailbox location:
Even if you move your home mailbox location, your new mail will continue to arrive in the default new mail directory: Pegasus Mail will also continue to store your PMAIL.INI settings file in that directory. This is important for the continued correct operation of the program and is neither an error nor an oversight. You cannot relocate your new mail folder using this option.
<p>Be aware that the PMAIL.INI file resides in the new mail directory which does not move.
</p><p>From the help file topic Preferences and settings &gt; Mailbox location:</p><p><i>Even if you move your home mailbox location, your new mail will continue to arrive in the default new mail directory: Pegasus Mail will also continue to store your PMAIL.INI settings file in that directory. This is important for the continued correct operation of the program and is neither an error nor an oversight. You cannot relocate your new mail folder using this option. </i></p>