Jan 30 (Reuters) - HGL Ltd HNG.AX :
* PROPOSES NON-RENOUNCEABLE ONE FOR FOUR RIGHTS OFFER PRICED AT 25 CENTS PER SHARE
* OFFER WILL RAISE ABOUT $3.8M
* STAKE OF HGL'S TWO SUBSTANTIAL SHAREHOLDER GROUPS WILL INCREASE TO 59.7% FOLLOWING ISSUANCE OF NEW SHARES