why the special resolution must fail, page-3

The company is defining the threshold for passing the resolution as 75% of the votes at the meeting.

However, under the NZ Finance Act exemption, it would appear that an absolute majority of 75% of the noteholders would be required to pass the Special Resolution.

Further, given that the reasons for the exemption have been greatly exceeded in the actual Special Resolution - there is some question as to whether the Special Resolution can be properly put to the meeting.