something strange with the agg rights

Anglogold announce a rights issue, you can buy 24 new shares for each 100 existing shares at 194 Rand each.

OK so the ASX Anglogold CDI's are 5 CDI's for 1 share.

Price for a new CDI should be 194 Rand
divided by 5 for CDI's
divided by 7.35 Rands/AUD

price should be $ 5.27 Australian$ or close to it.


Computershare are telling me on the phone, the rights issue will cost $6.63

If this is right, then the Rand/AUD exchange rate is 5.85

Bit of a difference there ! has the exchange rate changed so much in a few weeks ?