Yeah - I'd love to be able to outlay $2.1m for a dead certain...

Yeah - I'd love to be able to outlay $2.1m for a dead certain profit in the future. It is definitely not irrelevant, it is a symptom of bad directorship of the company IMO, and if you want the SP to go up, you need to vote against unfair things like this so that your equity is a bit more protected. Even if it only lets the board know that you are watching what they do, and are concerned about your investment.
It looks like they want to keep issuing more of our equity as freebies, so make it a bit harder for them.