C# user component - PNG file transparency with multiple images

I want a test program and a C# user component that will consist of three layers of PNG graphic files with transparency. I want to be able to rotate one of the layers as part of the user control but the rotation point must be set in software. This is a custom meter component, think analog VU meter (see attached image). The issues with PNG transparency must be addressed as one of the 'layers' will be a 'meter needle' that will be place behind a meter face and rotated as per a calling method. I will supply all graphics. I simply need the code that will allow the transparencty setttings an roation function.