I may be missing something, but this seems to be all about appropriately transforming in-place the  & | characters (and any surrounding whitespace). Nothing needs to be extracted.

Script:

use warnings;
use strict;

print qq{running under Perl version: $] \n\n};

my $str = <<EO_STR;
must-column08:Submit & must-column10:Delivered
must-column08:Submit & must-column10:Delivered One & must-column9:No_e
+rror
must-column08:See Here & must-column10:Delivered | must-column9:No_err
+or
EO_STR

print qq{<<$str>>};
print qq{\n\n};

$str =~ s{ \s* ([&|]) \s* }{\n$1\n}xmsg;
print qq{[[$str]]};
[download]

Output:

c:\@Work\Perl\monks\ravi45722>perl xform_str_1.pl
running under Perl version: 5.008009

<<must-column08:Submit & must-column10:Delivered
must-column08:Submit & must-column10:Delivered One & must-column9:No_e
+rror
must-column08:See Here & must-column10:Delivered | must-column9:No_err
+or
>>

[[must-column08:Submit
&
must-column10:Delivered
must-column08:Submit
&
must-column10:Delivered One
&
must-column9:No_error
must-column08:See Here
&
must-column10:Delivered
|
must-column9:No_error
]]
[download]