Lightweight fine lace poncho

Yarn: Rowan Fine Lace, 3 balls
Gauge: 30 stitches and 44 rows to 10cm in stocking stitch on 2.75mm needles

Collar:
Cast on 180 on 2.25mm needles. Join to work in the round
Work in K3 P3 rib for 70 rows, or until ribbing reaches desired length for collar.

Shoulder section:
For this section, eight stitches four pairs of two stitches are increased on alternate rows, to allow faster increase towards the shoulders. Simple yarn overs are used to enhance the airy feel of the poncho, and to add a little interest.

Switching to 2.75mm needles,

Shoulder row 1: (K3, yo, PM, K3, PM, yo, K39) four times
Shoulder row 2: K all stitches, slipping markers (SM) as you reach them
Shoulder row 3: (K to marker, yo, SM, K3, SM, yo) four times, K to end of round

Repeat shoulder rows 2 and 3 until poncho reaches almost to the edge of your shoulder (in my case, this involved working the two rows a total of 21 times).

At this point, the rapid increases are no longer needed, so only two pairs of increases will be worked each round, at the front and back.

Body setup row: Knit all stitches in round, removing the first and the third pairs of markers. The remaining markers should be on opposite sides of the poncho, and will become the front and back centres.

Body row 1: (K to marker, yo, SM, K3, SM, yo) twice
Body row 2:  K all stitches, slipping markers (SM) as you reach them

Repeat body rows one and two until the poncho reaches around 10cm shorter than the desired length (for me, this was a length of around 30cm, and resulted in a poncho that just covers my elbows)

For the border, I used a rib stitch that switched every three rows. With the fine yarn, it didn't give quite the 'wheat' look I was hoping for, but it made a nice texture, nonetheless.
A standard moss or seed stitch could also be used here, while continuing the increases at the front and back centres as established. I would not recommend rib or garter stitches, as they affect the proportions of the knitting too much.

When poncho reaches desired length (for me, this was after a border of about 10cm), cast off loosely.

Sew in ends and wear!