Telecom is one step closer to its demerger from network arm Chorus, with a group of Telecom stockholders approving the move by a 99.9% margin.

The vote related to Telebonds stock, which is held between around 3000 small shareholders as well as a number of banks and investment companies.

Distributed by value, over $435 million worth of voting was in favour of the move, with just $3000 worth against. The voting represented about 80% of the total $541 million in value; Telecom needed just 50% to achieve a quorum.

Telecom will hold another vote at its annual meeting on October 26, and if this passes the demerger could be completed by November 30.