What does the cryptic crossword clue "Small tree, old as it happens (5)" mean?

The definition is "Small tree". The wordplay uses a charade (building blocks). O (synonym of "old") + LIVE (synonym of "happens"); definition: "Small tree," The answer is Olive.

Small tree, old as it happens (5)

Telegraph Prize Cryptic #3128 | 25 Down | 2021-10-03 flower

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