In a large bowl, pour the boiling water over the oats. Let cool slightly for a few minutes while you prepare the pan and get out the rest of your ingredients.
Preheat the oven to 350°F. Grease a 9 x 13-inch baking dish; set aside.
To the same bowl with the oatmeal, add the shortening. Whisk until the shortening melts into the warm oats. Add the brown sugar and granulated sugar; whisk to combine. Add the egg; whisk to combine. Whisk in the flour, just until combined. Do not over mix. Sprinkle the baking soda, salt, cinnamon, and nutmeg over top. Whisk until completely combined. Stir in the vanilla extract. Transfer the batter to the prepared baking dish. Bake until a toothpick inserted in the center comes out clean, about 30 minutes.
While the cake is in the oven, prepare the topping.
In a medium bowl, whisk together the melted butter, brown sugar, vanilla, and milk. Add the coconut and pecans. Spread on the warm cake.
Switch the oven to BROIL and broil the frosted cake for 1-2 minutes, just until the edges of the coconut start to toast. This happens quickly, so don’t take your eyes off of it.
Let cool for 20-30 minutes (or cool completely), and then slice and serve.