This is what i would do.
Glue the ring in place with high strength Araldyte , small two tubes , Bunnings $ 12 . Only use enough to glue the ring . Let dry .
Buy some glass cloth 6oz to 10oz , auto place , $ 10 or so.
Cut glass strip 40mm wide . 600mm long . This will give you about four wraps .
Wrap with masking tape the area where the masts join , up to the ring . ( This is so no glue gets on the joining area ).
Mix the rest of the Araldyte .
With a small brush paint a layer of Araldyte on the ring and down the mast 20mm , ( total 40mm , the width of the glass strip ).
Wrap one layer around the mast and then paint over the first wrap and keep winding around and so on .
Keep the rest of the glue in one lump.
Wrap the repair in masking tape , ( medium tight ) , glue should squeeze out each end , ( doesn't matter if it doesn't ).
Keep an eye on the remaining glue and when it starts to harden , ( it gets like hard jelly or rubber ) , remove tape over repair .
With sharp blade , cut along top of ring down to the first masked off surface , it should cut through any glue overflow if u catch it before it gets too hard . If it is too hard , file it .
Remove tape .
Buy beer with the $ 78 you have just saved .
ps : Mark answered as i was writing this , same idea , could have saved myself some time , typing with one finger !
