Preheat oven to 325
Sprinkle the nuts over the bottom of a lightly greased 3 litre Bundt pan.
Mix all of the cake ingredients together
Carefully pour batter over the nuts
Place in the oven and cook for one hour or until toothpick inserted into centre comes out clean
Cool for 10 minutes, invert onto serving dish.
Carefull prick top and sides of cake
Melt butter in medium sauce pan
Stir in sugar and water slowly
Bring to a boil, stirring constantly
Remove from heat and gradually stir in the rum
Brush the glaze evenly over the top and sides
Allow cake to absorb glaze
Repeat until all glaze is used