Looks like you are working your way into a corner here.
Where a Qualifying Transaction has not been sponsored...
Are you suggesting that the CPC is NOT pursuing a Qualifying Transaction with IWS?
I am under the impression that a merger of IWS with a CPC is the very definition of a Qualifying Transaction and the entire purpose of this discussion.
Looks like you have found a way for the CPC to circumvent the PR requirement by jettisoning IWS. Are you sure that is the point you are trying to make?