What does the cryptic crossword clue "Tree that's old, as it happens (5)" mean?

This cryptic clue uses wordplay to arrive at the answer. Visit the page for progressive hints — definition, wordplay type, and a full step-by-step explanation.

Tree that's old, as it happens (5)

Telegraph Prize Cryptic #3223 | 24 Down | 2023-07-30 flower

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