Summoning Skill and conversion: How does it work exactely?

[Zhronne]

This doesn't make much sense to me, because SE said "skill over cap", and 300 isn't even the cap at lv75- its just an arbitrary number.

Yeah it doesn't make much sense. If it were 269 (the cap at the time) it totally would've but then again are we really surprised? We're talking about 2006 patch notes, they were super vague and nonsensical.

For all we know the 300 number might be an arbitrary ninja-changed thing that they modified after they raised the level cap.
Whatever the reason, that's how things are atm.