I am still not sure yet whether Bel and KBC are on the same...

I am still not sure yet whether Bel and KBC are on the same page.
I know they have to seem to be at arm's length as BEL would need to make a formal Take Over offer if the 2 were identified as associated, but it would have made more sense and be more effective if BEL had of called a EGM and not KBC.
The board, in their notice, don't give the grounds of their appeal to the court.
I can only assume that it's over a technicality about whether KBC actually own 5%.
The section 249d clearly states:
The directors of a company must call and arrange to hold a general meeting on the request of:
(a) members with at least 5% of the votes that may be cast at the general meeting

Or it could just be a delaying tactic but whatever reason shareholders have a right to feel suspicious about the board's motives .
That's our till they have their hands on and the worry is they seem intent on having it to themselves with very little forward purpose.