"...I'm sure management have followed the letter of the rules with this raising. I'm also sure they have NOT followed it's spirit. Trebling the issue completely changes it's tenor."
Agree, Cosmo.
When Warburton referred to a "cap" of $700,000 we expected a cap of $700,000.
A trebled raising confounds the original use of the word "cap".
Thing is, Warburton also also used these words: "the board reserves absolute discretion..."
Weasel, lawyer-like words, perhaps but understandable given directors often prefer to keep options open.
"...I'm sure management have followed the letter of the rules...
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