Vertical alignment does not work

[Jon]

In a worksheet I have, I have set the vertical alignment to 'Top' however,
the text seems to stay at the bottom.

Navigation
Right click > Format Cells > Alignment tab.
Merge cells is checked

Has anyone encountered this bug (one-off)?

Ms Excel 2007

 

[Sheeloo]

Click on the cell and delete anything before the first character...