How do I instantiate an object at runtime and place it in new GUI screen space?

My GUI canvas is in Screen Space - Overlay mode.

When I instantiate an object and try and place it on an object inside the GUI, the coordinates are always incorrect as they are not in the correct coordinate space.

For example:

Code (csharp):

1.  
2.             var rt = GetComponent<RectTransform>();
3.  
4.             var o = Instantiate(myObject) as GameObject;
5.             o.transform.position = rt.transform.position;
6.             o.transform.parent = rt.transform;
7.  

The object is in the correct position when viewed in the Scene view but it is not correct when viewed in Game view.

How can I get the object to be in the correct coordinate space?

 

Figured it out. I required a Canvas Renderer component on the GameObject.

Why does Unity complain when trying to make a Prefab out of a newGUI object?