error: only absolute run-paths are allowed

I'm trying to convert a PAM module's build system to an autotools
project, and I'm having issues with libtool. The output of `make` is as
follows:

```
[...]
/bin/sh ../../libtool  --tag=CC   --mode=link gcc  -g -O2 -module -no-
undefined -avoid-version  -o pam_panic.la -rpath  pam_panic.lo
pam_panic_authdevice.lo pam_panic_password.lo pam_panic_reject.lo  
libtool:   error: only absolute run-paths are allowed
make[2]: *** [Makefile:449: pam_panic.la] Error 1
make[2]: Leaving directory
'/home/jordyd/Workspaces/pam_panic/src/pam_panic'
make[1]: *** [Makefile:496: all-recursive] Error 1
make[1]: Leaving directory
'/home/jordyd/Workspaces/pam_panic/src/pam_panic'
make: *** [Makefile:388: all-recursive] Error 1
```

Here's my configure.ac:

```
AC_INIT([pam_panic], [0.1.0], [], [pam_panic])
AC_CONFIG_AUX_DIR([build-aux])
AM_INIT_AUTOMAKE([-Wall])
AC_PREREQ([2.69])
AC_CONFIG_MACRO_DIR([m4])
AC_CANONICAL_HOST

AC_SUBST(PACKAGE)
AC_SUBST(VERSION)

AC_USE_SYSTEM_EXTENSIONS
AC_PROG_CC
AM_PROG_AR

AC_PATH_PROG([REBOOT], [reboot])
AC_SUBST(REBOOT)
AC_PATH_PROG([POWEROFF], [poweroff])
AC_SUBST(POWEROFF)
AC_PATH_PROG([CRYPTSETUP], [cryptsetup])
AC_SUBST(CRYPTSETUP)

AC_ARG_ENABLE(securedir,
    AS_HELP_STRING([--enable-securedir=DIR],
        [path to location of PAMs @<:@default=$libdir/security@:>@]),
    SECUREDIR=$enableval, SECUREDIR=$libdir/security)
AC_SUBST(SECUREDIR)

LT_INIT([disable-static])
AC_ENABLE_STATIC([no])
AC_ENABLE_SHARED([yes])

AC_CONFIG_FILES([
    Makefile
    src/pam_panic/config.h
    src/pam_panic/Makefile
    src/pam_panic/man/Makefile
    src/pam_panic_pw/config.h
    src/pam_panic_pw/Makefile
    src/pam_panic_pw/man/Makefile
])

AC_OUTPUT
```

Here's Makefile.am:

```
ACLOCAL_AMFLAGS = -I m4
CLEANFILES = *~

SUBDIRS = src/pam_panic src/pam_panic_pw
```

Finally, src/pam_panic/Makefile.am:

```
SUBDIRS = man

securelibexecdir = $()

securelibexec_LTLIBRARIES = pam_panic.la
pam_panic_la_SOURCES = \
	pam_panic.c \
	pam_panic_authdevice.c \
	pam_panic_password.c \
	pam_panic_reject.c
pam_panic_la_LDFLAGS = -module -no-undefined -avoid-version
```

Any help would be appreciated.

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