Succesful transparent label but text/forecolour is grey

I have racked my brain over this and trawled the net and this forum for a solution :sick:

I have created a form to use as a splash screen.
Set the BackgroundImage to a jpg
Set the form TransparencyKey to Transparent
Placed a label on the from with Black ForeColor and Transparent BackColor
In design view it looks as it should.

However at runtime the label background disappears fine but my problem is that the text/forecolor becomes grey.

I have set the form BackColor to Black aswell.

Help please.