The freetype project build #18 is giving “libtool: link: require no space between `-L’ and `-lpng12′”, -L is intended to specify a path but no path is filled in there, thus it thinks -lpng12 is the path rather than a further option. Looking at the configure stage of the build shows:
Package libpng was not found in the pkg-config search path.
Perhaps you should add the directory containing `libpng.pc’
to the PKG_CONFIG_PATH environment variable
No package ‘libpng’ found
Which would give an explanation for the missing path. Specifying PKG_CONFIG_PATH for configure resolves this problem.
Fixed in build #19.