CML,
The picture you paint of the lawyer insisting you must cover the possibility of failure to raise funds, not wanting to waste more time going over the point and just giving a top of the head £5m seems to be the case then.
I have to say it rings bells personally, confused by the hypothetical detail, just wanting to get the thing agreed, aware the bill's up to £5k already but you can hardly tell him not to cover your ass. But you like to think public companies are more thoughtful and deliberate than two man bands, I suppose not at this level.
Glad it's out in the open now.