CAT Catco Reinsurance Opportunities Fund Limited

RNS Number:4132D
Cheyne Capital Management Limited
23 May 2006



                                                                        FORM 8.3


    DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE
             (Rule 8.3 of the City Code on Takeovers and Mergers)
 

1.     KEY INFORMATION

Name of person dealing  (Note 1)         CHEYNE CAPITAL MANAGEMENT LIMITED

Company dealt in                         CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC

Class of relevant security               ORDINARY
to which the dealings 
being disclosed relate (Note 2)     

Dates of dealing                         16 MAY, 17 MAY, 18 MAY, 19 MAY  
 

2.     INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
 
(a)    Interests and short positions (following dealing) in the class of 
       relevant security dealt in (Note 3)
 
                                               Long              Short     
                                               Number     (%)    Number     (%)

(1) Relevant securities                     
(2) Derivatives (other than options)          1,761,220   3.31            
(3) Options and agreements to purchase/sell                    
Total                                         1,761,220   3.31
 
(b)   Interests and short positions in relevant securities of the company,
      other than the class dealt in (Note 3)

Class of relevant security:                    Long              Short     
                                               Number     (%)    Number     (%)

(1) Relevant securities                     
(2) Derivatives (other than options)                    
(3) Options and agreements to purchase/sell                    
Total                    
 
(c)     Rights to subscribe (Note 3)
 
Class of relevant security:     Details

     

3.     DEALINGS (Note 4)
 
(a)     Purchases and sales
 
Purchase/sale      Number of securities     Price per unit (Note 5)

          
 
(b)     Derivatives transactions (other than options)
 
Date of        Product name,  Long/short     Number of securities     Price per unit 
dealing        e.g. CFD       (Note 6)       (Note 7)                 (Note 5)


16 MAY 2006    CFD            LONG           1,000,000               GBP 13.0159
16 MAY 2006    CFD            LONG             500,000               GBP 13.024508
17 MAY 2006    CFD            LONG             100,000               GBP 12.99594
18 MAY 2006    CFD            LONG              61,220               GBP 12.99594
19 MAY 2006    CFD            LONG             100,000               GBP 12.99594

               
(c)     Options transactions in respect of existing securities

(i)     Writing, selling, purchasing or varying


Product   Writing,       Number of    Exercise  Type, e.g.  Expiry  Option money
name,     selling,       securities   price     American,   date    paid/
e.g.      purchasing,    to which               European            received                
call      varying etc.   the option             etc.                per unit  
option                   relates                                    (Note 5) 
                         (Note 7) 

                             
 
 
(ii)     Exercising
 
Product name, e.g.     Number of securities      Exercise price per unit 
call option                                      (Note 5)
          
 
(d)     Other dealings (including new securities)(Note 4)
 
Nature of transaction      Details               Price per unit 
(Note 8)                                         (if applicable) (Note 5)
          

4.     OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person
disclosing and any other person relating to the voting rights of any relevant
securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any
derivative referred to on this form is referenced.  If none, this should be
stated.




Is a Supplemental Form 8 attached? (Note 9)              NO
 
 
Date of disclosure                                       23 MAY 2006

Contact name                                             SIMON JAMES

Telephone number                                         020 7031 7560

If a connected EFM, name of 
offeree/offeror with which connected     

If a connected EFM, state nature of connection (Note 10)     

Notes

The Notes on Form 8.3 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk 



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

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