Stuff reports that Telecom has apparently ‘run out of time’ to split into two separate companies, but the company’s shareholders will be asked to vote on the company division if it gets to play a part in building the UFB network (the government’s ultrafast broadband initiative).

Previous indications were that it could be split by June, but that isn’t the case anymore as the UFB network vote would have to have happened by the end of 2010.

Telecom faces some competition in its bid for the UFB network from the alliance of electricity lines and fibre companies, RFG.

Another announcement from Telecom is due next month.