In general rights have a negative impact on the share price of a company as compared to that of a bonus issue.
Hence most people will be expecting the share price to drop when the company issues rights, which it did, on the day of the rumor. Capital Land closed 8.2% down to $3.12 on possible news of the rights issue.
Firstly, let me explain roughly how bonuses work. They are similar to stock splits. I.e if I hold 10 lots now, and the company gives me another 10 lots, I would have a total of 20 lots ( where each lot is half of the initial value,hence no change in total worth). Which is essentially similar to having 10 lots spiting into 2, to give you 20 lots ( where each lot is half of the initial value).
It is usually done because the company believes that it will do well in the following months ahead. So even though the stock price has halved in the example I have given above, with profits from the company, the stock price will still rise.
However for rights, you would have to subscribe to it by paying a certain amount of money. This is generally a means for the company to raise funds, but it is usually not welcomed, as it is diluting the value of the stocks that current shareholders are holding on to. An analogy would be, the profits are like a pie of a company. With more rights issue, there will be more people and hence more people to share the pie. Without an increase in profits of the company ( pie size) each existing person will eat lesser.
On a side note, companies that are doing well and require funds usually turn to taking up debts by issuing corporate bonds or bank borrowing. This is because they will get the necessary funding without diluting the shareholders holdings and would only need to pay the minimal interest from the debt.