[Nut-upsuser] [2.0.3] upsd.conf: Permission denied even if correctly set ?

[aerios]

Hello all,

I'm new to nut, i've donwloaded and installed without problem apparently 
nut 2.0.3 on a slackware 10.x (1 i think).

/usr/local/ups/bin/upsdrvctl start
seems to work correctly.

but when i do:
/usr/local/ups/sbin/upsd
i've got:
Network UPS Tools upsd 2.0.3
stat /usr/local/ups/etc/upsd.conf: Permission denied

but upsd.conf is 0640 and set with root.ups as stated in some files 
(INSTALL if i remember correctly).

Furthermore what made me subscribe to that list is:
if i type:
/usr/local/ups/sbin/upsd -u nut
the reply is the same
BUT when i type:
/usr/local/ups/sbin/upsd -u ups
i.e. i gave the group as the user to the option, it gives me:
Network UPS Tools upsd 2.0.3
getpwnam(ups): Success

... I suppose that it's a great "feature" for a security piece of code ! ;)

Of course the programs stops there and there is no upsd running nowhere 
in background. Using -f does exactly the same. and 
-DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD does 
also the same (i really tested it ! :) i'm dead dumb i know)

Ok, so does someone knows how i can resolve that problem ?
I suppose that it's not wise to allow usr, local, ups and etc to be 
readable by ups...