Thanks for all your help guys, both suggestions contributed to the solution. In case you're interested I ended up achieving the watermark like this:
Opened up document in header/footer view
selected Picture > WordArt
Typed in watermark name (copy)
Clicked the semi-transparent property on the colors and lines tab.
changed the rotation to 315 degrees.
closed the header footer.
voila - there it is.
Only limitation is it seems it can't be formatted after you've left the header footer view.
The code below automated the procedure:
If ActiveWindow.View.SplitSpecial <> wdPaneNone Then
ActiveWindow.Panes(2).Close
End If
If ActiveWindow.ActivePane.View.Type = wdNormalView Or ActiveWindow. _
ActivePane.View.Type = wdOutlineView Or ActiveWindow.ActivePane.View.Type _
= wdMasterView Then
ActiveWindow.ActivePane.View.Type = wdPageView
End If
ActiveWindow.ActivePane.View.SeekView = wdSeekCurrentPageHeader
Selection.HeaderFooter.Shapes.AddTextEffect(msoTextEffect1, "COPY", _
"Arial Black", 36#, msoFalse, msoFalse, 241.75, 118.9).Select
Selection.ShapeRange.IncrementLeft 10.25
Selection.ShapeRange.IncrementTop 197.9
Selection.ShapeRange.Fill.Visible = msoTrue
Selection.ShapeRange.Fill.Solid
Selection.ShapeRange.Fill.ForeColor.RGB = RGB(255, 255, 255)
Selection.ShapeRange.Fill.Transparency = 0.5
Selection.ShapeRange.Line.Weight = 0.75
Selection.ShapeRange.Line.DashStyle = msoLineSolid
Selection.ShapeRange.Line.Style = msoLineSingle
Selection.ShapeRange.Line.Transparency = 0#
Selection.ShapeRange.Line.Visible = msoTrue
Selection.ShapeRange.Line.ForeColor.RGB = RGB(0, 0, 0)
Selection.ShapeRange.Line.BackColor.RGB = RGB(255, 255, 255)
Selection.ShapeRange.LockAspectRatio = msoFalse
Selection.ShapeRange.Height = 51#
Selection.ShapeRange.Width = 111.7
Selection.ShapeRange.Rotation = 315#
Selection.ShapeRange.RelativeHorizontalPosition = wdRelativeHorizontalPositionColumn
Selection.ShapeRange.RelativeVerticalPosition = wdRelativeVerticalPositionPage
Selection.ShapeRange.Left = CentimetersToPoints(5.72)
Selection.ShapeRange.Top = CentimetersToPoints(15.17)
Selection.ShapeRange.LockAnchor = False
Selection.ShapeRange.WrapFormat.Type = wdWrapNone
Selection.ShapeRange.WrapFormat.Side = wdWrapBoth
Selection.ShapeRange.WrapFormat.DistanceTop = CentimetersToPoints(0)
Selection.ShapeRange.WrapFormat.DistanceBottom = CentimetersToPoints(0)
Selection.ShapeRange.WrapFormat.DistanceLeft = CentimetersToPoints(0.32)
Selection.ShapeRange.WrapFormat.DistanceRight = CentimetersToPoints(0.32)
wdDoc.ActiveWindow.View = wdPrintPreview
(where wddoc is document object).
cheers.