Complex sentence: The Victoria Cross was considered but not awarded with ostensible reason that their bravery was not "in the face of the enemy", although another consideration may have been that a Victoria Cross would have drawn unwanted attention to the U-boat capture by German Intelligence.
Split into simpler sentences: The Victoria Cross was considered but not awarded, for the ostensible reason that their bravery was not "in the face of the enemy". Another consideration may have been that a Victoria Cross would have drawn unwanted attention to the U-boat capture from German Intelligence.