  The valence band electronic structure of Pr$_{0.5}$Sr$_{0.5}$MnO$_3$ has been
investigated across its paramagnetic metallic (PMM) - ferromagnetic metallic
(FMM) - antiferromagnetic insulator (AFMI) transition. Using surface sensitive
high resolution photoemission we have conclusively demonstrated the presence of
a pseudogap of magnitude 80 meV in the near Fermi level electronic spectrum in
the PMM and FMM phases and finite intensity at the Fermi level in the charge
ordering (CO)-AFMI phase. The pseudogap behavior is explained in terms of the
strong electron-phonon interaction and the formation of Jahn Teller (JT)
polarons, indicating the charge localizations. The finite intensity at the
Fermi level in the insulating phase showed a lack of charge ordering in the
surface of the Pr$_{0.5}$Sr$_{0.5}$MnO$_3$ samples.
