You can place a piece of unplaced annotation by right-clicking it in the Unplaced Annotation window and clicking Place, or by pressing the Space bar.

You can rotate annotation features with the Edit Annotation tool, in addition to moving and resizing annotation features. Move the pointer over the blue, wedge-shaped rotate handle on the corner of a selected annotation feature until the pointer becomes the Rotate pointer. Click the corner and drag it to rotate the annotation feature.