Crossword Genius

Middy's last telescope after midterm (4-5)

Ross

I believe the answer is:

beer-glass

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'middy's last' is the definition.
Although both the answer and definition are singular nouns, I cannot see how they can define each other.

'telescope after midterm' is the wordplay.
'telescope' becomes 'glass' (glass is a kind of telescope).
'after' is a charade indicator (letters next to each other).
'midterm' becomes 'beer' (I can't explain this - if you can you should give a lot more credence to this answer).
'glass' after 'beer' is 'BEER-GLASS'.

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I've seen this clue in the Sydney Morning Herald.
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