The picture pretty much explains what is happening, but long story short, what is shown (correctly) in the viewer node doesn’t appear properly in the ‘rendered’ image shown in the background of the node editor window. Am I missing something here or is this a bug? :eyebrowlift2:
On the nodes window header press the “Draw Image with RGB colors and Alpha Transparency” button (the middle button between the Backdrop and Auto Render checkboxes)
Thanks. That did the trick.