I cannot claim to be an authority on this - but I thought it was important to bring Keith's blog and the fact of the EGM to the notice of as many people as possible.
However, it does seem clear to me that there is a danger that BC may, in the future, be even more focused on medals in international competition and less interested in grass roots racing in Britain. It appears that the reason for this EGM is to avoid the loss of government funding. This funding is all about winning medals and nothing to do with the road or track event that you or I, as ordinary members, may want to ride.
You will probably have noticed the date of the EGM is the 22nd of July. Anything strike you about that date? Yes it's the Saturday before the finish of the Tour de France, and the first day of the school holidays - a day when most peoples' thoughts will be far away from boring and abstruse matters like the BC constitution. So this in itself looks like a government trying to hide bad news by publishing it on a busy news day.
There is a Latin proverb: 'no one hides a jug under a cloak for an honest reason.'
So, to return to your question, I can't give you a satisfactory answer but I can't help feeling there is a bad smell around this whole affair.