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Rarely, but quite consistently I come across the situation when the payable date precedes the ex-dividend date. A couple of examples: http://www.cboe.com/publish/TTStockSM/05-421.pdf http://www.cboe.com/publish/TTStockSM/05-422.pdf

What does it mean? How's that possible? Notice that in these situations the stock reacts on the Payable date, not on ex-dividend date, as normally would be the case

Mikhail Parakhin
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Do you realise that the examples you have given are for stock splits not for dividends, that is why the date payable is before the ex-date for the split.

The payments for the split occur on 30th June and the first day the stock trades with the new split is on the next trading day, being the ex-date, 1st July.