ldapclient init against OpenLDAP server fails

I have setup an OpenLDAP server that contains a profile defined according to the Sun's "System Administration Guide: Naming and Directory Services". I've also created a proxyagent-dn as an objectclass=person. This is all running on one computer, lets call it server.example.com. Then from another computer, client.example.com i run the following command
ldapclient -v init -a profilename=myprofile -a domainname=client.example.com -a proxyDN=cn=proxyagent,ou=profile,dc=basedn -a proxypassword=secret -a certificatepath=/var/ldap server.example.com
The ldapclient finds the basedn, creates the /var/ldap/ldap_client_file and /var/ldap/ldap_cred_file and starts to restart a lot of services. All of these stops and starts are mark success.

Then ldapclient writes
restart: milestone/name-services:default... success
Error resetting system.
Recovering old system settings.
Stopping network services
and starts reverting to old settings.

When i look in /var/adm/messages I get the following line repeatedly
Mar 31 11:30:48 server ldap_cachemgr[6792]: [ID 293258 daemon.warning] libsldap: Status: 7  Mesg: Session error no available conn.
Mar 31 11:31:29 server last message repeated 83 times

For now I do not run any TLS, all binds are simple, server is responding on port 389.

Can anyone helt me out here?

Best regards
Linus Lund