That's it mate. Flared at one end, which is the end to cut through, inside the frame eyelet, if you are going down that route, and there is a split pin at the other end. The spindle seizes in the stand, and so the whole thing rotates on the two frame eyelets, wearing and ovaling them. Obviously try all the easy options first, such as spraying loads of releasing agent, such as Plusgas, or even WD40.
Its funny, but I enjoy these sort of jobs, cause I'm not a trained engineer, but just a bodger really. Its great to recover old knackered parts
