Problem with signup email template

I’m having some trouble with our email template. It appears that nesting the blocks is ok with ${IF-WEB} and ${IF-WEBALIZER}, so I figured I could next the ${IF-WEB} within an ${IF-MAIL}. That appears to either not be implemented or there is a bug.

Here is the template I am using:

And here is the email that it sends me:

As you can see, it is missing a few things even outside of the nest. I’ve tried this on two different Virtualmin systems. Both are on Virtualmin 3.88.gpl however one is Webmin 1.562 and the other is 1.570.

Any ideas?