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@davidxapple
dmczone, you hit the nail on the head.
I went and asked a bike mechanic today, and he said it's for use on italian steel frames, as they have a taper in the seat lug. The bike I have is british made, so therefore has a notch.
The seat binder bolt (campagnolo) that I have, was never meant for my frame, unfortunately.
oh well, at least I know it's overpriced, so I can try to get some pretty pennies for it on ebay or here.
Thanks everybody for your help.
Speaking of overpriced components, http://www.wiggle.co.uk/mks-ca-njs-chain-tug/
I can't believe a chain tug could cost near 30 quid... It's a non-essential piece of equipment, and can be purchased without an NJS stamp for around 5 quid.