Not sure mate, I haven't seen a copy of the Trust Deed. My guess...

Not sure mate, I haven't seen a copy of the Trust Deed.
My guess would be that it is a majority, implied in the following?

"However, Antares has agreed to the appointment of an Independent Investigator to the Company (on behalf of the
Trustee) to conduct an independent business review of the company's business and assets if a majority of
Noteholders resolve, by passing Resolution 2, that an Independent Investigator should be appointed."

Then from the following:

"In accordance with clause 7 of schedule 3 to the Trust Deed, the resolution must be decided in the first
instance by a show of hands and each voter is, on a show of hands, entitled to one vote and, on a poll, entitled
to one vote in respect of each Note held by the Noteholder or by the person for whom the Noteholder is the
proxy or attorney. A poll may be demanded by the chair or the Trustee, by at least five Noteholders present
in person or by proxy or by attorney, by Noteholders present in person or by proxy or by attorney who together
hold at least 5 per cent in principal amount of all the Notes or by Antares."

Looks like they its a majority vote by show of hands;
but if 5% of noteholders demand a poll then the polling is based on one vote per note.

Interesting that last time it was conducted via a show of hands, but given that the ABW are recommending the resolution to appoint an Investigative Accountant (and that their Master Fund owns 13% of notes), it would seem that it passing of resolutions will require a majority based on notes.

And yes 50% choose to redeem, so if they all attend and vote against resolution 1, then its game over