Has possession of ring at three points (4)
I believe the answer is:
owns
'has possession' is the definition.
(I've seen this before)
'ring at three points' is the wordplay.
'ring' becomes 'O' (O is the shape of a ring).
'at' says to put letters next to each other.
'three points' becomes 'wns' ().
'o'+'wns'='OWNS'
'of' is the link.
(Other definitions for owns that I've seen before include "Has possession of by right" , "Admits possession" , "Belongs to" , "uses" , "Possesses" .)