Vertical alignment in textbox in Word 2007

"reduced the top internal margin to 0.1
cm

To get the tightest fitting box-to-text ratio:

the text should have centred horizontal alignment
In the textbox properties choose centred vertical alignment
In the textbox properties reduce all the margins to zero
In the textbox properties unset the Resize Autoshape to Fit Text property

That last point is the crucial one: automatic resizing enforce certain rules of good layout. Unsetting it allows us to manual override those rules, and so shrink the box to whatever size pleases us."