The 1Q results for Fiscal Year 2016 will be out in August 2015.
The reason why the deal was structured in such a way is because legally speaking, we cannot call it a merger or combination. It is simply a disposal of all the assets in the old KIT to CIT. The reason why CIT don't dispose its assets to KIT instead is because there will be more complications. All the assets owned by KIT belongs to one stakeholder. CIT has many stakeholders to the assets and will thus require alot more approvals and involve alot of parties. So, selling KIT to CIT is alot faster and cheaper.
Thereafter, all the old KIT shareholders get 2.106 units of CIT for each KIT units held. Then, KIT is renamed Crystal Trust and eventually dissolved. CIT is then renamed KIT fka CIT.
One of the selling point that the KIT management has touted is that their yield is very high around 7%+. And their assets have long contract life so they can provide stable cash flows for decades unlike REITS whose rental expire every 3 years, exposing stakeholders to new risks.
In addition, the first 25 year's cashflows will be mainly contributed by KIT's assets. After that, there will be not much cashflow. However, CIT's assets will then come in to make up for the cashflow.
Lastly, the management highlighted that even if the share price rose and that the yield fell to 5%-6%++, its okay because that means they can easily look for new assets out there that are yield accretive.
If it stands at 7%+, it will be alot more challenging to find yield accretive assets.