from what I can see it looks like the threads are also loose. It also looks like the spacer is made of Cocobola, a very oily wood. After you grt everything off, check for shims. Many companies use masking tape. I would replace them. While I'm not a big fan of masking tape it may be the easiest way. Wrap in two areas withthe tape until the seat fits snug. You don't want any slop since the glue will not be a good filler. Now coat the tape with epoxy,I like the kind with a longer work time instead of the 5 min. especially coat the sides of the shim.
after that dries recheck the fit and lightly sand if necessary.
Now before reglueing the spacer clean out the
bore of any old glue. If the spacer is cocobola you need to rempve the oils. Swab the inside with acetone or lacking that use fingernail polish remover. let it dry then swab your epoxy into the bore and put the seat on. Wipe mess and if needed tape in place. now glue on the cap and threads. wait 24 hrs then go fishing. There are epoxies made just for this and the best is Rod Bond.
It does have some gap filling properties and is the consistancy of paste. any good catalog that carries rod building supplies will have it. But for a quick repair like this I think you may be better off with just the regular stuff.
If just the threads are loose... Remove them and carfully clean the area with acetone etc. and then reglue with the epoxy. From your picture this may be all it needs.
HTH

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[This message has been edited by cheffy (edited 08 June 2006).]