Yes, I realize that these are two separate entities.
But,
What if you worked for the Royal Bank Scotland and you were aware of early discussions about these notes and their intentions.
What if you then left the company and went over to Royal Bank Canada.
Would you be buying shares of Noront?
Probably. It's a possiblity.
http://www.efinancialnews.com/story/2011-07-27/rbc-capital-markets-hires-steven-jones-tim-cottrell-ollie-champion
"Steven Jones joins the corporate and investment banking arm of Royal Bank of Canada as a managing director in sponsor coverage. Jones was a managing director in the financial sponsors group atRoyal Bank of Scotland."