How it works in PhpBB:

You can click on 'split thread'.
This will show you a list of all posts in a thread.
Now you can check each post which you'd like to include in the new thread.

So original thread is has 6 posts: 1,2,3,4,5,6 > click split > mark/check post 3,4,5 > done
This will result in two threads:
thread 1: post 1,2,6
thread 2: post 3,4,5

Works great, should be standard in UBB too! <img src="https://www.ubbcentral.com/boards/images/graemlins/laugh.gif" alt="" />