What does the cryptic crossword clue "Praises late place for Penny, returning (6)" mean?

The definition is "Praises". The wordplay uses a reversal. EX (synonym="late") + SLOT (reversal="place for a penny") = EXTOLS; definition: "Praises" The answer is EXTOLS.

Praises late place for Penny, returning (6)

Times Cryptic #28876 | 27 Across | 2024-03-28 flower

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