[Dovecot] PIGEON HOLE - am I being stupid?

[corpus.defero]

Hi,

I'm trying to compile dovecot-1.2-sieve-0.1.15 on a CENTOS 5 box. 

Using: ./configure --with-dovecot=/usr/local/etc
and with:

ls -Al /usr/local/etc/
total 100
-rw-r--r-- 1 root root 49576 Apr  6 12:25 dovecot.conf
-rw-r--r-- 1 root root   410 Apr  6 12:25 dovecot-db-example.conf
-rw-r--r-- 1 root root   782 Apr  6 12:25 dovecot-dict-sql-example.conf
-rw-r--r-- 1 root root  4986 Apr  6 12:25 dovecot-ldap-example.conf
-rw-r--r-- 1 root root  5097 Apr  6 12:25 dovecot-sql-example.conf

But it bails with:

appending configuration tag "F77" to libtool

dovecot-config not found from /usr/local/etc, use --with-dovecot=PATH
to give path to compiled Dovecot sources or to a directory with the
installed dovecot-config file.
configure: error: dovecot-config not found


What am I missing here?