PanoramaFactory 4.5 freezes during stitching

Tested PanoramaFactory 4.5 Legacy edition (and m32 edition) (demo available here from this page), a panorama stitching software available in several languages.

Apart from the language bug described separately (CORE-13757), several parts of the panorama stitching wizard run, until it starts the actual stitching. Here the application consistently freezes with 100% CPU usage. Screenshot:

The attached debug.log contains following actions:
Starting PF4.5, copying three sample image from a shared folder, loading them into PF4.5, working through the stitching wizard just before the actual stitching starts.

Then I opened Notepad++ to check the protocol line number: 842. Afterwards I started the stitching with PF4.5 freezing. I killed the application after a minute or so and copied the log.