rights issue q?

Can anyone help me.

I am overseas and have had 250k VBA shares for some months. I noticed that VBA are having a 1:1 rights issue @ 20 cents. I was going to leave this alone as my average price was around 40 cents and I couldn't afford another $50k to buy more shares and anyway i believed the share price would plummet to around 20 cents.
Now i see the share price is at 38 cents (as of today) and I am suddenly thinking if I have any options.
Can I take up on this offer still?
Can I sell my shares and still take up on the offer?
I no longer have a full service broker and feel it may even be worth coming back to Aus for a short holiday if this is what it appears to be.
Unless I am missing something then the way I see it is that i could sell my current holding for $95k (presuming today's closing price). Take up the offer for 250k shares @ 20 cents. Come back to Aus and get a bank cheque for $50k to pay for them and have the same holding as I currently have (250k) and $45k in the bank!
Can anyone in HC land give me an insight into what I am missing.
Appreciate anyone's sensible response