Rights issue to provide temporary liquidity

I’ve recently invested some money in LSE:IAG. I bought on a dip and it’s doing pretty well, hovering between 10-20% gains in just a few weeks.

However, i’ve read that the company is seeking shareholder approval to do a rights issue soon with "50% dilution". Does this mean that the value of the shares I own (currently at 215 GBP at the point of writing) will halve in value to 106.5?

If yes, then surely the smartest thing to do is to sell now and reinvest the money when the shares plummet after the issue. Right? Assuming that i’m interested in riding out the challenges the airline industry is facing due to coronavirus travel restrictions. Or am I missing something important here about the rights existing shareholders have during a rights issue.

I understand that if I retain the shares and the rights issue goes ahead, I will have the opportunity to buy some new shares (in addition to those I already have) at a discounted rate, but as far as I can figure out, even if I did this I would still end up worse than if I sold now at a profit and bought again once the price nosedives.

Any tips/insight folks can offer would be appreciated!