delisting ?, page-23

Could someone, who has knowledge of companies 'delisting' PLEASE explain to (I suspect the majority) of us, what the ramifications are to current shareholders ? Is it as simple as the company going private and buying back ALL the shares. If so, who declares the sale price? Or are they simply going to move from the ASX to an overseas stock exchange and our current shares move with them ?? If this is the case, how involved would day to day trading be for us little people?

Thanks in advance.
PS> What is the actual advantage to a company to do such a thing?