It will cost you nothing to bin it,only an accountant can understand it anyway.Basically want they want you to do is buy more shares from them at a discounted price, for every 5 shares you own they are offering you 2 shares at the discounted price of �2.75p.The trouble with this is that today the share price is below that of the offer price so you could buy them cheaper on the open market.
Whether you can buy them on the open market and put them away in a tax free vehicle i am not sure about.