Ok, I don't have the parts in front of me but thinking about it, the nut has six sides, the countershaft and sprocket have six splines so however the sprocket is positioned, the holes in the sprocket will advance or retard in increments of 60 degrees so by one nut 'flat' or 'point' for each change of spline.
The locking ring is 12-point so it can be moved around the nut in increments of 30 degrees. The screw holes in the sprocket appear to be approximately 45 degrees apart. If so, then the plate can be positioned to within 15 degrees of one of the two sprocket holes and turning the nut slightly will align the locking plate with the sprocket hole.