As I understand it (and I'm no doubt out of touch with the UK financial laws these days), a "share subscription" (the term used in the email) is a right to buy shares at a specified future date or during specified periods at a predetermined price - it's not the actual purchase of shares.
So it's possible, for example, that the club was able to secure funds on the 150k subscription without any purchase of shares having taken place yet.
I agree we need more details, but let's focus on the facts rather than speculation.