She ate a royal portion (5)

I believe the answer is:

'portion' is the definition.
(I know that portion can be written as share)

'she ate a royal' is the wordplay.
'she' becomes 'shae' ().
'ate' is an insertion indicator.
'a royal' becomes 'R' (abbreviation).
'shae' enclosing 'r' is 'SHARE'.

(Other definitions for share that I've seen before include "Helping" , "Lot" , "Divide out, apportion" , "Distribute" , "hand pieces out" .)

I've seen this clue in the Sydney Morning Herald.

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