Yes and Yes. Unfortunately.
It has to drop today because anybody who didn't want to pay more than $25.01 yesterday, when they would also receive the dividend in December, will not want to pay more than $25.01 - 94c = $24.07 (or thereabouts) today, because they will not receive that 94c dividend.
P.S. A good way to think about dividends, is that your shares do not magically accrue the value of the dividend on the ex-div date. You should assume that the SP doesn't really change at the ex-div date. All you get at ex-div is an exchange of dividends for an almost equivalent drop in the SP. Your shares accrue the value of the dividend over the six months since the dividend was last paid.
Ann: Dividend/Distribution - ANZ, page-68
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